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Fireblocks launches non-custodial wallet for fintechs and corporates

Source: Fireblocks

Today, Fireblocks, an enterprise platform to manage digital asset operations and build innovative businesses on the blockchain, expands its industry-leading wallet-as-a-service solution, with the launch of its non-custodial wallet-as-a-service (WaaS) offering built for brands, corporates, fintechs, and Web3 businesses. Fireblocks’ non-custodial wallets offer iOS, Android, and web browser support, enabled through the Fireblocks wallet SDK.

Following the collapse of centralized entities like FTX, customers of fintechs and brands are demanding greater control over their own assets, especially in the event that a company goes under. These same fintechs and brands are looking to provide their users with access to DeFi, NFT applications, and native Web3 experiences. However, concerns around regulations, compliance, and security — such as users losing seed phrases or recent MPC vulnerabilities like BitForge — pose challenges to ensure user safety when scaling millions of wallets.

“While working with the world’s leading brands and fintechs building in Web3, we carefully designed a non-custodial wallet solution that met their security expectations and was proven to scale as required,” said Michael Shaulov, Co-founder & CEO at Fireblocks. “Our offering follows our commitment to reduce counterparty risk across the ecosystem, providing a truly non-custodial solution for companies with multi-million dollar brands to protect.”

Specifically designed for fintechs, brands, and Web3 startups, Fireblocks’ non-custodial wallets utilize MPC-CMP technology that runs in a hardware-based trusted execution environment, rendering a true multi-layer security architecture. It is the only solution that provides users with complete control of their wallets while preventing both internal and external attackers from compromising the private-key. Fireblocks is also the only WaaS provider that is CCSS Level III, SOC2 Type II, ISO 27001, ISO 27017, and ISO 27018 certified.

Fireblocks’ non-custodial WaaS was designed to be a white-label, modular solution, enabling businesses to create fully customizable experiences for their end users on top of Fireblocks’ proven and battle-tested infrastructure to scale wallets to millions of users. It allows businesses to never expose users to Fireblocks’ or their own operational risks while enabling seamless recovery if the users lost access to their devices.

“Flipkart is happy to partner with Fireblocks' wallet-as-a-service infrastructure to launch our latest Web3-based brand engagement and loyalty program, which is built to serve our mobile-first customer base of more than 450 million users, offering over 150 million products across over 80 categories,” Ravi Krishnan, Head of Flipkart Labs. “Flipkart has an ambitious goal of transforming and democratizing e-commerce in India and Fireblocks continues to support our vision by simplifying Web3 onboarding for the masses, seamlessly embedding wallets in the background of the Flipkart mobile app. To date, Fireblocks has created more than 2.4 million wallets for Flipkart users, one million of which was in the last month alone. We are excited to see what's to come with the Fireblocks team.”

For Web3 developers, Fireblocks’ non-custodial wallets offer a level of customization, security, scalability, and trust that is unmatched. The solution features:
• iOS, Android, and web application support — Enabled through Fireblocks wallet SDK
• Building blocks architecture - Enables complete customization of users’ key setup, backup, recovery, authentication and signing flows. Developers can configure their wallet implementation based on their user and application requirements.
• Web3 Wallet Link — Enable users to connect their in-app wallets to dApps so they may interact with brands that have a Web3 presence, engage with DeFi protocols, use their tokens in online games, or trade NFTs on marketplaces.
• Policy Engine — The Fireblocks Policy Engine lets businesses control and safeguard their users from scams and cyberattacks. Businesses can provide a gated wallet experience where users can only interact within defined dApps to protect new-to-Web3 users and ensure their application maintains compliance.
• No need for seed phrases — MPC-CMP removes the single-point of failure of private key and seed phrases. It enables businesses to customize how users back up and recover their key shares, including social logins, cloud services (iCloud & Google Drive), or local backup.
• Built-in blockchain node support — Faster time to market and save cost by leveraging Fireblocks’ blockchain nodes. Built-in scalable read and write nodes for Bitcoin and over 25 EVM blockchain, with over 40 blockchain support coming soon.

"We're excited to work with Fireblocks to create an MPC wallet for Web3 domainers. Creating better wallet UX aligns perfectly with our mission to deliver user-owned, digital identity to every person on the planet, not just crypto natives,” commented Matt Gould, CEO & Founder of Unstoppable Domains.

Fireblocks currently secures over 130 million wallets for some of the world’s biggest B2C and B2B Web3, fintech, brands, financial institutions, corporates, and crypto companies, including BNY Mellon, BNP Paribas, NAB, Flipkart, eToro, Revolut, NuBank, Wisdom Tree, Animoca Brands, MoonPay, Mythical Games, Wirex, YellowCard, and Ava Labs.

Fireblocks is much more than a scalable wallet solution for development teams. Development teams can also use Fireblocks MPC-CMP wallets to deploy and secure smart contracts, controlling access to sensitive operations such as minting, transfers, and contract upgrades. The Fireblocks platform also encompasses a full treasury suite for finance and operations teams to manage day-to-day digital asset operations with Fireblocks governance and policy engine.

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